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On Wednesday, DNB Markets maintained a positive outlook on Evolution AB (EVO:SS) (OTC: EVGGF), with analyst Martin Arnell reiterating a Buy rating and a price target of SEK1,440.00. The endorsement comes as Evolution reports an encouraging increase in daily average player totals, which have risen by approximately 8% quarter-over-quarter in Q1.
The company’s performance in March has been particularly noteworthy, with a month-over-month growth of 9% so far, suggesting a robust start to the spring season. The latest figures, especially the ’Speed Baccarat’ data, indicate a strong showing in the vital Asia market segment. This is a significant development following the hurdles Evolution faced in the second half of 2024.
Arnell’s analysis highlights that the current trends underscore Evolution’s narrative of growth in its Live segment. The sustained increase in player engagement is seen as a reaffirmation of the company’s market position and potential for continued success.
Evolution’s resilience and growth in the Asia segment are particularly promising, given the region’s importance to the company’s overall performance. The positive momentum observed in March could be a precursor to a solid first quarter, which would be a turnaround from the challenges experienced in the latter half of the previous year.
In summary, DNB Markets’ continued endorsement of Evolution AB is based on the company’s recent performance data, which suggests a strong and resilient growth trajectory, particularly in the key Asia market. The firm’s reiteration of a Buy rating and a SEK1,440.00 price target reflects confidence in Evolution’s live gaming segment and its potential for sustained growth.
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